Realtor Action Alert - Lets Fight To Extend the $8000 Credit

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Realtor Action Alert - Lets Fight To Extend the $8000 Credit

Postby GreenRealty » Wed Oct 07, 2009 4:16 pm

Realtor Action Alert - Lets Fight To Extend the $8000 Credit


REALTORS® tell us different reasons why they don't take action on critical legislative issues that have a direct impact on their bottom line: "I meant to, but I got busy and then I forgot" or "I don't understand the issue enough" or "My letter to Congress won't make a difference." Sound familiar?

Your letters do make a difference and REALTORS® like you need to let Congress know that the housing recovery is not yet complete. Housing has always pulled our nation out of a bad economy. And that job isn't finished. Restoring the health of the housing market will require one more extended effort. And your help is essential.

We need to extend and expand the first-time homebuyer tax credit. NAR data shows that inventories began to decline once the credit was enacted. The credit has been responsible for over 355,000 new sales and has effectively reduced inventories, stabilized prices, shored up neighborhoods hit hard by foreclosures, and begun rebuilding local tax bases.

The $8000 first-time homebuyer tax credit will end soon. As the law stands today, eligible buyers will actually need to get under contract almost immediately in order to be able to close their transactions in time. The law requires that closing must occur by November 30th for buyers to actually take the credit.

The housing market is stabilizing and improving, but the housing market crisis won't end this year. We can't wait until late in the year to see what happens. Please act NOW and tell Congress to extend the credit through 2010.

As REALTORS®, we need to come together and make our voice of experience heard on Capitol Hill. Please contact Congress today.

Thank you for your support,

NAR Government Affairs



Send this message to:

* Your Congressperson
* Your Senators

Dear [ Decision Maker ],

As a Realtor and a constituent, I can assure you that the $8,000 first-time homebuyer tax credit has definitely been a success. Homebuyer interest and housing sales increased almost as soon as the ink was dry on the tax credit legislation. Today's lower prices and interest rates appeal to consumers, but it's been the tax credit that has attracted people to open houses and to homeownership.

That progress could grind to a halt sooner than you think. Congress must act NOW to extend the credit through 2010. Otherwise, uncertainty will return and the market might again be frozen -- possibly as soon as October.

A homebuyer is eligible for the tax credit only if the home is "purchased" before December 1, 2009. That means that buyers have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. Accomplishing those tasks by November 30 will become more difficult with every passing day. In today's market, it generally takes between 45 and 60 days to go from contract to closing.

The market has improved, but it has not yet fully corrected itself. The credit needs to be extended for an additional period of time and expanded in order to build upon the progress that's been made. Uncertainty about the future of the credit will dampen consumer demand. The best way to assure continued housing activity is to extend and expand the credit and to do that NOW.

We can't wait until late in the year to see what happens. Consumers will drop out soon if they can't predict what's in their future. Please act NOW to extend and expand the credit through 2010.


(Your Name)


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